BP Plans $1.5 billion Investment in Egypt to Lift Gas Output

BP plans to pump in $1.5 billion this year to boost natural gas output in Egypt, says Reuters citing a news report in state news agency MENA.

The North African nation is facing natural gas shortage and is looking to import the fuel to bridge that gap.

Last week Reuters said Egypt is seeking to raise $2.5 billion to imports LNG until the end of December.

Egypt needs to import LNG for power generation to make up for shortfalls as domestic gas production declines, a sensitive issue awaiting the new president who is due to be elected in a national vote on May 26-27, adds Reuters.